JMP Securities Reaffirms “Market Outperform” Rating for Vertex (NASDAQ:VERX)

JMP Securities restated their market outperform rating on shares of Vertex (NASDAQ:VERX) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $42.00 target price on the stock.

Several other research firms also recently commented on VERX. Jefferies Financial Group upped their price objective on Vertex from $27.00 to $35.00 and gave the company a hold rating in a research note on Friday, March 1st. Needham & Company LLC upped their price objective on Vertex from $35.00 to $45.00 and gave the company a buy rating in a research note on Friday, March 1st. The Goldman Sachs Group upped their price objective on Vertex from $33.00 to $39.00 and gave the company a buy rating in a research note on Friday, March 1st. BMO Capital Markets boosted their target price on shares of Vertex from $30.00 to $35.00 and gave the company a market perform rating in a report on Friday, March 1st. Finally, Bank of America lowered their target price on shares of Vertex from $40.00 to $34.00 and set a neutral rating on the stock in a report on Tuesday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Vertex presently has an average rating of Moderate Buy and a consensus target price of $35.67.

Vertex Price Performance

Shares of NASDAQ VERX opened at $29.41 on Tuesday. Vertex has a twelve month low of $17.59 and a twelve month high of $35.38. The stock’s 50 day moving average price is $29.47 and its 200-day moving average price is $27.00. The company has a market capitalization of $4.54 billion, a PE ratio of -294.10, a PEG ratio of 7.20 and a beta of 0.62. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.17.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Thursday, February 29th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. Vertex had a positive return on equity of 16.15% and a negative net margin of 2.29%. The business had revenue of $154.91 million for the quarter, compared to the consensus estimate of $146.44 million. On average, equities analysts anticipate that Vertex will post 0.36 EPS for the current year.

Insider Transactions at Vertex

In other news, major shareholder Jeffrey Westphal sold 791,133 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder Jeffrey Westphal sold 791,133 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $30.05, for a total value of $23,773,546.65. Following the transaction, the insider now owns 1,554,641 shares of the company’s stock, valued at $46,716,962.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Richard Stamm sold 6,500 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $29.48, for a total transaction of $191,620.00. Following the completion of the transaction, the director now directly owns 15,930 shares in the company, valued at approximately $469,616.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,161,048 shares of company stock valued at $35,034,678. 45.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in VERX. Allspring Global Investments Holdings LLC bought a new position in Vertex in the third quarter valued at $49,000. RiverPark Advisors LLC bought a new position in Vertex in the third quarter valued at $60,000. Arcadia Investment Management Corp MI increased its stake in Vertex by 22.4% in the third quarter. Arcadia Investment Management Corp MI now owns 2,664 shares of the company’s stock valued at $62,000 after acquiring an additional 488 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in Vertex in the fourth quarter valued at $72,000. Finally, F M Investments LLC bought a new position in Vertex in the first quarter valued at $209,000. Institutional investors own 59.10% of the company’s stock.

About Vertex

Vertex, Inc, together with its subsidiaries, provides enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries in the United States and internationally. The company offers tax determination; compliance and reporting, including workflow management tools, role-based security, and event logging; tax data management; document management; analytics and insights; pre-built integration that includes mapping data fields, and business logic and configurations; industry-specific solutions; and technology specific solutions, such as chain flow accelerator and SAP-specific tools.